Regulated integrated electric and natural gas utility operations that provide an essential service and has relatively stable cash flows Generally supportive regulatory framework Strategy now focused on developing more thorough transmission, to connect the two utilities Recent increase in the amount of owned generation Relatively conservative financial policy Significant capital spending in recent years that is not likely to recur Some variability in cash flow due to regulatory lag Financial measures that have improved somewhat, but are still appropriate for the financial risk profile Standard&Poor's Ratings Services placed the ratings on NV Energy on CreditWatch with positive implications because there is at least a 50% likelihood that we would raise the ratings on NV Energy Inc. and its
